Best Canadian Stocks to Buy With $7,000 Right Now

Some of the best stocks to buy today are tech stocks like Blackberry, due to their potential for growth in the growing tech industry.

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The tax-free savings account, or TFSA, total contribution limit is currently $102,000. This year, $7,000 was added to this cumulative limit. So if you’re not sure where to invest this money, read on as I go over the best Canadian stocks to buy for your TFSA today.

Blackberry stock

Blackberry Ltd. (TSX:BB) is Canada’s answer to the internet of things industry. Machine-to-machine connectivity is expanding at a feverish pace, and Blackberry has been there from the start. From its highly successful QNX auto business introducing connected cars to the world to its involvement in industrial and medical applications, Blackberry is well-positioned for the long term.

And this does not feel like a pipe dream anymore, as Blackberry has finally begun to show a profit for all of its efforts. In the company’s latest quarter, earnings before interest, taxes, and depreciation (EBITDA) came in at $23 million, EPS was $0.02, and free cash flow was finally positive. Truly a stepping stone. Also, margins were significantly improved, setting the company up for stronger bottom line results moving forward.

And Blackberry’s stock price is beginning to reflect this optimism. In fact, as you can see from the graph below, the stock is up 72% in the last year.

Created with Highcharts 11.4.3BlackBerry PriceZoom1M3M6MYTD1Y5Y10YALLwww.fool.ca

CGI stock

CGI Inc. (TSX:GIB.A) is another one of Canada’s technology stocks, less well-known than Blackberry but far more successful (at least for now). CGI has been around since the mid 1970’s and since then it has grown into a global powerhouse.

Created with Highcharts 11.4.3CGI PriceZoom1M3M6MYTD1Y5Y10YALLwww.fool.ca

As a leading global $39 billion IT and business consulting services firm, CGI has grown into this powerhouse over the last many years as a result of its “build and buy” strategy. Today, the company continues its mission of consolidating the IT services market with two things on its side – the fact that the industry continues to expand, and the company’s expertise in making and integrating acquisitions.

Just this week, CGI showed us its value once again with the reporting of its first quarter fiscal 2025 results that highlighted the strong growth and profitability of this business. For example, revenue in the quarter came in at $3.8 billion, up 5.1%, with earnings before income taxes coming in at $591.7 million, with a 16.2% margin.

Finally, net earnings increased 5.1% and earnings per share increased 15% to $1.97. Looking ahead, backlog remains strong, at $29.8 billion, which is foretelling of continued strong results ahead.

Well Health Technologies stock

Another best Canadian stock to buy for your TFSA is Well Health Technologies Ltd. (TSX:WELL). Well Health is rapidly growing as it brings technology to the healthcare sector. This has had the effect of increasing the profitability of doctors’ practices, reducing wait times, and improving health outcomes.

And Well Health is on a good footing financially as well. In its latest quarter (Q3 2024), Well Health reported its 23rd consecutive quarter of record-breaking results. Revenue increased 27% to $251.7 million. Also, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 16% to $32.7 million.

Created with Highcharts 11.4.3Well Health Technologies PriceZoom1M3M6MYTD1Y5Y10YALLwww.fool.ca

The future looks even more exciting, as Well Health plans to employ artificial intelligence in order to step up the level of health care even further.

The bottom line

Coincidentally, the three best Canadian stocks to buy for your TFSA highlighted in this article are all tech stocks. It was not planned, but rather, I made these choices because of their individual strengths and potential.

CGI is a tried-and-tested company with years of discipline leading to consistent profitable growth. Conversely, Blackberry is a company that I believe is finally finding its way and about to emerge as something great. Finally, Well Health Technologies is rapidly revolutionizing health care by providing it with the digital tools for excellence.

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This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Karen Thomas has a position in Blackberry, CGI, and Well Health Technologies. The Motley Fool recommends CGI. The Motley Fool has a disclosure policy.

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